Tuesday, May 3, 2016

Latest Foreclosure News 5-3-2016

Ocwen responds to National Mortgage Settlement foreclosure holds 4-28-2016Early Thursday morning, Joseph Smith, the monitor of the National Mortgage Settlement, announced that Ocwen Financial was not in compliance with one of the performance metrics of the National Mortgage Settlement and prohibited the nonbank from taking foreclosure actions on more than 17,000 loans. According to Smith’s office, Ocwen “was delayed” in implementing its Corrective Action Plan for the failure of Metric 31, which relates to the mortgage servicer sending a loan denial motivation to a borrower, because of “difficulties in resolving the technical issues that led to the original fail.” Smith’s office said that because of those issues Ocwen must place 17,496 loans that "could have been affected" by this issue on foreclosure hold... Read More at the Housing WireOcwen foreclosures frozen after National Mortgage Settlement compliance failure 4-28-2016Less than one day after posting a massive loss for the first quarter of 2016, the nonbank has run afoul of the terms of the National Mortgage Settlement and is now forbidden from taking foreclosure actions on more than 17,000 loans. According to Joseph Smith, the monitor of the National Mortgage Settlement, Ocwen is not yet back in compliance with one of the performance metrics of the National Mortgage Settlement that it failed in the second half of 2014. Smith’s office announced in October that Ocwen failed metric 31, which tests whether the mortgage servicer, Ocwen in this case, sent a loan modification denial notification to a borrower that included the reason for the denial, the factual information considered by the servicer in making its decision and a timeframe by which the borrower can provide evidence that the decision was made in error... Read More at the Housing Wire